Riff Chelsea

397 8th Ave, New York, NY

One block south of Penn Station and one avenue east of Hudson Yards, this hostel was being run in the worst of conditions. Bringing along the success of operations we created in the Riff Downtown, we converted this hostel into a hip boutique hotel with significant renovations and repositioning the retail tenants we were able to significantly drive NOI.

In just four years this investment saw a 3.4x increase in value as the upper floors were sold for nearly the price paid for the entire asset and we retained 5,000 square feet of prime corner retail with 60 feet of frontage on 8th Avenue valued at $30m.

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